Help

Read the following scenarios and determine if the items should or should not be included as a part of inventory as reported on the December 31st balance sheet. 1. Gila Gallery accepts paintings on consignment from artist Hyacinth Hildebrand in the amount of $15,000. This [ Select ] be included in Gila's inventory. 2. Gila Gallery shipped a painting costing $6,000 to a customer on December 28th on terms FOB shipping point. The painting has not arrived to the customer's address as of December 31st. This [ Select ] be included in Gila's inventory